Key Notes
- Bitget Wallet has launched a new tool to detect EIP-7702, a core Pectra component.
- The new EIP-7702 offers flexibility and a user-friendly experience as it borders on EOAs.
- Crypto whale sells off 18,700 ETH amidst Ethereum Pectra upgrade after several years of dormancy.
Barely 24 hours after the much-anticipated Ethereum Pectra upgrade went live, non-custodial platform Bitget Wallet launched a detection feature for EIP-7702. Ambire and Trust Wallet are among the first wallets to support EIP-7702, bringing account abstraction features to existing platforms.
Eip-7702: here’s why it matters for the ethereum ecosystem
For perspective, EIP-7702 is a key component of the recent Ethereum
ETH
$1 845
24h volatility:
2.6%
Market cap:
$222.72 B
Vol. 24h:
$14.22 B
upgrade that allows Externally Owned Accounts (EOAs) to temporarily act like smart contracts.
According to the Bitget Wallet announcement, this capability facilitates features such as stablecoin-based gas payments, third-party fee sponsorship, and batch transactions. In the long run, these improvements streamline blockchain interactions and lower user technical barriers.
With the addition of the detection feature, Bitget users can now confirm if their wallet is connected to the new functionality from the Ethereum Pectra upgrade. Once checked, these users can disable the feature with one click. This notable milestone could enhance safety, especially as wallets adopt more advanced capabilities.
Bitget plans to give full support for EIP-7702, even with future releases. This comes from its strong confidence in the upgrade’s capacity to enhance broader crypto accessibility. The advancement is designed to deliver a more efficient and user-friendly experience because it eliminates the need to hold Ethereum for gas fees, enabling multiple actions in a single transaction.
The flexibility that EIP-7702 offers comes with a dire need to improve security and protect users. Bitget’s Wallet detection feature addresses this concern in many ways, including providing real-time visibility and control.
This helps mitigate the risk of unintended approvals from malicious contracts. Alvin Kan, COO of Bitget Wallet, acknowledged that the recent tilt towards smart account functionality mandates that wallets prioritize user experience and security.
“EIP-7702 introduces meaningful flexibility, but it also demands clearer visibility and control. Our goal is to ensure users can adopt these new features with confidence, not complexity,” Kan added.
Pectra and unexpected ethereum whale response
In the wake of the Ethereum Pectra upgrade launched this week, on-chain charts showed that a long-term Ethereum-holding whale sold 18,700 ETH, valued at approximately $34.11 million.
This particular ETH whale originally acquired their cryptocurrency holdings during the 2015 ICO. At that time, one Ethereum was priced at just $0.31. The whale acquired approximately 76,000 ETH, but went dormant for years until recently.
It suddenly began transferring ETH to the Kraken exchange. Following a 20% price surge, the ETH price is currently pegged at $2,351.10, according to CoinMarketCap. Based on this market value, the whale’s holding will be worth approximately $178 million.
The Pectra upgrade has opened up a lot of new trends within the Ethereum ecosystem that may place the coin in the spotlight for adoption by investors.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
